10-Q · May 21, 2026
Flowers Foods reported Q1 2026 revenue of $1.572 billion, a slight increase of 1.1% year-over-year, while EPS improved to $0.29, surpassing estimates. Despite overall revenue growth, the company faced pressure from…
Earnings analysis · 10-Q
FLO earnings analysis
Filed August 20, 2026 · Our reading of the company's report
The latest report
Flowers Foods reported second-quarter revenue of $1.193 billion and diluted EPS of $0.19, below both the prior-year results of $1.234 billion and $0.28 and consensus EPS of $0.22. Volume declined 5.8%, adjusted EBITDA…
Read full summary
Flowers Foods reported second-quarter revenue of $1.193 billion and diluted EPS of $0.19, below both the prior-year results of $1.234 billion and $0.28 and consensus EPS of $0.22. Volume declined 5.8%, adjusted EBITDA fell 19.2% to $111.3 million, and management lowered Fiscal 2026 revenue, adjusted EBITDA, and adjusted EPS outlooks. The 10-Q reports no material changes to formal risk factors, but commodity exposure remains material, with $3.1 million of hedge fair value and $2.8 million of sensitivity to a 10% commodity-price move.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.19
What stood out
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Revenue Declined Year Over Year
Second-quarter revenue was $1.193 billion, down from $1.234 billion in 2025 Q2 and $1.57 billion in 2026 Q1, representing declines of approximately 3.3% year over year and 24.0% sequentially.
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EPS Fell and Missed Consensus
Diluted EPS was $0.19, versus $0.28 in 2025 Q2 and $0.20 in 2026 Q1; EPS also missed the $0.22 consensus estimate by $0.03.
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Volume Decline Hit Profitability
Total volume declined 5.8%, offsetting pricing benefits and contributing to adjusted EBITDA falling 19.2% to $111.3 million.
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Commodity Hedges Cover Near-Term Exposure
The company held commodity derivatives with a net fair value of $3.1 million as of July 18, 2026, including $2.7 million for Fiscal 2026 and $0.4 million for Fiscal 2027.
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Share Repurchases Continued
The company repurchased 383,204 shares for $3.8 million during the first 28 weeks of Fiscal 2026 and had 20.9 million shares remaining under its authorization.
What to watch
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Commodity Costs Could Pressure Margins
A hypothetical 10% change in commodity prices would change the fair value of the derivative portfolio by $2.8 million. The filing warns that less favorable market conditions could materially increase raw-material costs and pressure product margins.
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Volume Weakness Drives Deleveraging
Second-quarter total volume declined 5.8%, while adjusted EBITDA fell 19.2% to $111.3 million and adjusted EBITDA margin contracted to 9.3%, indicating continued operating deleverage if demand remains weak.
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Lowered Full-Year Profit Outlook
The formal Item 1A risk factors had no material changes from the prior Form 10-K, but the company lowered Fiscal 2026 adjusted EPS guidance to $0.75-$0.85 from $0.80-$0.90 and adjusted EBITDA guidance to $453 million-$481 million from $465 million-$495 million.
Management's outlook
Fiscal 2026 adjusted diluted EPS guidance was lowered from $0.80-$0.90 to $0.75-$0.85. Adjusted EBITDA guidance was lowered from $465 million-$495 million to $453 million-$481 million; revenue guidance is $5.07 billion-$5.14 billion.
Earlier filings 4
10-K · February 25, 2026
Flowers Foods positions itself as a brand-focused packaged-bakery operator pursuing margin improvement and disciplined M&A to shift toward higher-margin branded retail products. The company completed the Simple Mills…
10-Q · November 6, 2025
Flowers Foods reported a modest revenue increase to $1,226,554 (amounts in thousands) for the twelve weeks ended October 4, 2025, but materially weaker profitability as operating income fell to $66,516 and diluted EPS…
10-Q · August 15, 2025
Flowers Foods reported net sales of $1,242,835,000 for the twelve weeks ended July 12, 2025, up modestly from $1,224,983,000 a year earlier, while net income declined to $58,365,000 ($0.28 diluted EPS) from $66,967,000…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.